Noncompete agreement
An Interpublic statement said Mr. Dowley, principal of Endeavor Marketing and once chairman-CEO of Interpublic Sports and Entertainment Group, will also act as consultant to Interpublic, working closely with ad agency Foote Cone & Belding. The agreement forbids Mr. Dowley from working with any Interpublic rival, the statement said.

Mr. Dowley has been the subject of much speculation in recent months. He has been rumored to have held talks with most of the holding companies, though discussions were most serious with Interpublic and Omnicom Group. As part of the talks, Mr. Dowley came close to taking a high-level position with FCB.

Dooner favorite
Mr. Dowley is known to be a favorite of another Interpublic chief, McCann Erickson's John Dooner

Endeavor counts American Express and America Online among its clients.